What Types of Hardship Financial Assistance Are There?


Quick Answer

There are a few different types of financial hardship assistance, including difficulty making monthly payments on debt from home, auto or student loans or difficulty making monthly rent payments. The exact type of assistance available may vary by institution; for example, Wells Fargo Bank has a specialized assistance program that can help its customers work out payment plans and other deals to cope with excessive credit card or loan debt, as reported by Wells Fargo. Different banks may take different approaches to offering hardship assistance.

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Full Answer

SunTrust Bank offers its loan customers several financial hardship options, including loan term modification and one-time loan extensions. Term modification permanently alters the terms of a loan to make it easier for loan debtors to make their monthly payments on time, notes SunTrust Bank. This bank also offers more permanent solutions, including short sale options for home loan customers.

Other than banks, there are some government entities that offer assistance to people experiencing financial hardship. The Department of Housing and Urban Development (HUD) offers rental assistance in a variety of ways, including managing public housing for families, disabled people and the elderly. HUD also offers Section 8 vouchers that allow financially disadvantaged individuals the opportunity to select their own housing and pay for it with government-subsidized vouchers.

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